You do not need to bid for a COE for COE renewal. To renew the COE for your existing vehicle for another 10 years, pay the PQP. To renew the COE for another 5 years, pay 50% of the PQP.
Prevailing Quota Premium (PQP) is the moving average of the COE prices (QPs) in the last 3 months.
You can renew your COE online via https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=RenewCOE